NEXT Biometrics’ partnership with the Pagaria Group is proving to be more lucrative than anticipated. The two companies signed a Letter of Intent (LOI) in January, indicating that Pagaria would order roughly 23,000 fingerprint sensors from NEXT over the course of 2021.
However, Pagaria has already barrelled past that benchmark after placing a follow-up purchase order for 20,000 sensors. The company has now ordered 25,000 sensors once those 20,000 sensors are paired with the 5,000 that it ordered when it signed the Letter of Intent.
NEXT has understandably revised its projections in light of that development. The company expects Pagaria to order another 25,000 sensors before the end of the year, doubling the original estimates and bringing the total to around 50,000 sensors for 2021.
Pagaria is based in India, and is planning to deploy the sensors in Point-of-Sale (POS) terminals and biometric Bluetooth readers designed for the country’s fintech ecosystem. Those devices will feature NEXT’s One Touch ID Finger Print Modules, and are specifically earmarked for one of India’s fastest-growing payment banks.
“We are pleased to announce this additional order from Pagaria,” said NEXT CEO Peter Heuman. “The collaboration with Pagaria Group reaffirms our focus on the growing demand of payment and fintech biometric devices. This enables Pagaria Group to offer smart and slim biometric payment products requiring a high degree of security.”
The news comes shortly after NEXT received a separate volume order for FAP 20 fingerprint sensors from Credence ID. That order is worth approximately $810,000, and is intended to support the development of Credence’s new line of rugged Android scanners.
NEXT has a strong customer base in India, and has previously provided fingerprint technology for POS devices from companies like Telpo and MobiOcean. The company has also received several large commercial orders from China’s Newland Payment Technology.
February 10, 2021 – by Eric Weiss